The Gold Era of Indian Household Wealth

What took deposits and equities years to build, gold matched and then surpassed in a single fiscal year.

The value of gold held by Indian households nearly doubled in under a year, rising from $2.8 trillion in March 2025 to $4.8 trillion by January 2026. It now stands at 175% of the combined value of household deposits and equity.

This might not have much of an impact on consumption, however. Households earning under INR 500,000 annually hold nearly 70% of all household gold stock, and those households are unlikely to change spending or saving behaviour based on price appreciation alone, Kotak estimates.